General info

In partnership with BCR, we offer our customers life insurances that may be purchased when they contract any credit. The life insurance protects the purchasing you made through the bank loan and puts you and your loved ones under protection.

Important: All BCR clients benefit from preferential rates for the life insurances purchased to protect their credit.

The risk of not being able to pay back a credit generally appears due to the decrease or temporary or final loss of the incomes. The life insurance protects you in situations that you cannot control, but which make you very vulnerable: unemployment, temporary capacity of work, invalidity or death.

The income protection plan for credit beneficiaries guarantees you:

The taking over of the credit installments by BCR Asigurari de Viata VIG if you become unemployed. The payment of credit installments is made for the period of maximum nine months per event and maximum 24 months on the entire credit duration;

The taking over of the payment of credit installments by the insurance company in case of temporary incapacity of work, for a period between 6 and 9 months per event and maximum 24 months on the entire duration of the credit;

The full payment of the credit balance, of interests and of the related fees by BCR Asigurari de Viata VIG in case of permanent total invalidity acquired on the duration of the credit;

The full payment of the credit (plus related interest and fees) in case of death.

Features

The insured’s age

Minimum 18 years old, maximum 65 years old.

Duration of insurance

Duration of credit;

Insured events

Unemployment, temporary incapacity of work, total permanent invalidity, death for any cause;

Insured amount

Equals the value of the credit balance contracted by the insured

Insurance premium

Fixed throughout the loan period;

Payment frequency of premium

It is paid monthly, together with the credit installment

Occurrence of the insured event

You will send a notification of the occurrence of the insured event within 15 calendar days since its occurrence, joined by the documents necessary to draw up the payment file.;

Payment of insured events

BCR Asigurari de Viata VIG will pay the credit balance or your credit installments directly to BCR based on your or on your family’s notification and on the documents proving the occurrence of the insured event.

Benefits

Guarantee of full payment of the credit, in case of total permanent invalidity or death;

The guarantee that, in the event of losing your job or during a temporary incapacity of work, the credit rate will not become a payment burden, being taken over by BCR Asigurari de Viata VIG;

The insurance premiums are decreasing, being calculated depending on the credit balance;

The indemnities and the amounts resulting from life insurances are not subject to taxation, according to the laws in force;

Psychological comfort: you protect the investment you made with the borrowed money;

Your family’s financial stability in case of unforeseen events.

Tips&tricks

How to protect your investment made with the bank credit

Think of life insurance like of a measure to protect the investment you have made with the borrowed money. If you are the main supporter of your family, your protection may become the most significant gesture of care and love for them;

The more difficult the economic situation is, the bigger is your need for protection. The loss of your income, even temporarily, may put your house and family in difficulty;

Verify your options of protection against various risks: unemployment, total invalidity, total or permanent incapacity of work, death;

Find out from your bank counselor what protection options you have and how much it costs and decide as urgently as possible on the plan that best suits your situation.

Verify whether you are eligible for insurance

Do not forget that, since you are the beneficiary of a credit, you may obtain from your ban an advantageous price if you purchase the income protection insurance

Think that this life insurance protects you in periods of financial difficulties,and that your family will be safe

FAQ

What is an income protection plan for credit beneficiaries?

It is an insurance that financially protects you during the bank loan you have contracted with BCR.

The income protection plan for credit beneficiaries is optionally attached to BCR loans:

newly granted

under development

Is this insurance suitable for me?

Yes, if:

you have contracted a bank loan;

you wish to protect your purchase made by means of the loan and be able to pay the loan installments always and in due time;

you do not wish that the unpredictable events that may occur at any time affect your capacity to work or the budget and implicitly the capacity to reimburse the bank loan.

Why is this insurance attractive?

The income protection plan for credit beneficiaries is an attractive insurance because, in exchange for the payment of the insurance premium, in case of occurrence of the insured risks, BCR Asigurari de Viata VIG:

takes over the payment of the credit installments if you become unemployed. The payment of the credit installments is made for the maximum period of nine months per event and maximum 24 months on the entire duration of the loan;

takes over the payment of the credit installments in case of temporary incapacity to work, for a period between 6 and 9 months per event and maximum 24 months on the entire duration of the loan;

takes over the full payment of the account balance of the loan, of the related interests and fees in case of permanent total invalidity occurred during the loan;

takes over the full payment of the loan (plus the related interest and fees) in case of death.

Also, it is an insurance with an accessible premium whose value drops monthly, together with the loan account balance.

For what period is this insurance signed?

This insurance is signed for the duration of the bank loan.

How will I make the payment of the insurance premiums?

The insurance premium is cashed in together with the loan installment.

What risks does the income protection plan for credit beneficiaries cover?

unemployment

temporary incapacity to work

permanent total invalidity

death

How does the income protection plan work?

Purchase of insurance:

The insurance may be purchased in the BCR units

For newly granted loans:

On the issuance of the insurance certificate, BCR counselors will also give you the insurance terms and conditions of the Income protection plan

to save you from frequently going to the bank, the related insurance premium will be cashed in once you pay your loan installment

For loans under development:

the BCR counselor will issue an insurance certificate for additional clauses to the death insurance (that was initially signed when you contracted the loan) and will give you the insurance terms and conditions of the Income protection plan

to save you from frequently going to the bank, the insurance premium related to this Plan will be cashed in when you pay your loan installment

Occurrence of the insured event:

You will send a notice to BCR Asigurari de Viata VIG in maximum 15 days after the occurrence of the event.

Payment of the insured event:

BCR Asigurari de Viata VIG will pay the loan account balance or your loan installments directly to BCR based on your notice or on your family’s notice and on the justifying documents related to the occurrence of the insured event.

What is the period for which this insurance may be concluded?

The duration of the insurance is equal to that of the contracted bank loan.

When does the Income protection plan cease?

The insurance ceases in any of the following situations:

when the duration of the insurance expires;

when the last total monthly payment is paid, according to the loan reimbursement graphic;

on the moment of the full reimbursement, in advance, of the total loan by the insured;

on the payment date by BCR Asigurari de Viata VIG of the insurance indemnity in case of total and permanent invalidity of the insured;